The offer has been on the table for more than a month. Wenger, who joined Arsenal from Nagoya Grampus Eight in 1996, has not signed it yet as he has been concentrating on Arsenal’s Premier League campaign.

The Gunners still top the table although yesterday’s dramatic defeat at the Etihad was a serious blow.

The Frenchman , without any silverware at Arsenal since their FA Cup triumph in 2005, has also been focused on securing qualification into the knock-out stages of the Champions League.

That, at least, was secured last Wednesday in Italy when – despite losing 2-0 against Napoli – as Arsenal went through in second place in their group, behind Borussia Dortmund.